Dear frens and forummers, i set up CHRISSYCONN to share our trading and investing ideas. We shall start afresh in this new place WE proudly call HOME .
It is our dream to become a Successful Trader as well as a Super Investor. To make our dream comes true, we embrace TA, FA and a business mentality.
Yes, we will be stressful pursuing our dream .... so ps feel free to share your humour with us so long as IT IS not offensive to anyone in this HOME.
Lastly, we would like to remind everyone to trade / invest at own risk should u choose to buy our stock pick .
FOR CHARTS, PLS VIEW OUR BLOG
http://chrissyconn.blogspot.com/
duit morning ... this is purely technical on HSI chart :-
1) m60 has been trending up nicely above 20ma 2) if u see now price goes below 20ma on m60, then the pullback may be deeper 3) going to lower time frame m15, the 20ma is sloping downwards meaning bears at work and this shall be the dynamic resistance now on m15 4) the lower band on m15 is around 20740ish .. do take note of this level if m60 20ma fails to support
Connie.. thanks for the technical signals...I will check it out to compare with today's closing.... cant escape correction but don't like to see it pull back to 20,600 ....... its on uptrend so I keep overnight and REMOVED from chopping board first
duit is mabuk :) duit, may I ask why u take profit very fast but fight hard when price turns against you .. are u not supposed to enter n exit at lightning speed (remember your vid) be it profit or loss ? is this an effective money management for long term play ? sorry newbie trying to learn how to manage money effectively ...
duit if u don't mind may I know what is your trading time frame (TTF) ? 5/15/30/60/240/daily ? or u don't look at all these but just study the market maker ?
When u take profit u are like a scalper trading on a 1 or 5min chart .. when u fight u morph into a swing trader looking at higher time frame ! is this workable cuz I was exactly in such position and it did not fare very well :(
Your question tougher than my STPM exam in fact. I try to answer one by one.
1) YES. Must be consistent in our method be it profit or loss. I choose to hold because I am aiming for several things: a) The Futures premium still cap at 20 pts even though pull back from 21,180 b) China is on right track so I have more catalyst to consider exit plan c) Based on my analysis the correction may goes down to 20,500-20,600 so I really hope to see another 100 pts drop tomorrow and start to pick up on Thursday. After that it's new high on Friday. I bought C21 during Futures at 21,017 and I don't want to chase high if Friday open at 21,350 and above.
2)I'm doing dynamic. Mostly from general market movement. I do monitor US S&P and Hangseng Futures 1 minute chart
3)I think it's not workable. However, as per my explanation above I am still on uptrend view and I do not want to miss out when Friday open at above 21,350.
Thanks duit for the reply. so long as one is comfy with his/her trading style and make consistent profit .. just that from observation u take profit like a scalper and fight like a trend trader :) wud u have cut loss today if bursa was not closed ?
If today not half day. I will cut at RM0.140 since it had several attempts to climb up but regional was trapped at horizon zone. After I cut C21 I will watch banker yo press down at closing or not before I decide revisit.
Am following two dudes who are reversal traders .. extremely interesting to watch their videos on setup etc etc ! and they always say only amateur traders will enter at this point and I am like hey that's me I wud have entered like that :(
duit,i suggest u open hsi futures a/c to trade hsi index...u holding position while bursa is closed n hsi still trading is like being naked in front of a rapist,you can be raped any time wakakaka.
connie dear,enjoy ur holidays.
i can only think of 2 muslim members...SELAMAT HARI RAYA Faisal n Mainbesar.
buddies, wud like to share cuz we amateur traders often fall into this trap :(
1) we are interested in counter 'apanama' cuz all sifus be it TA, FA, PA or AAA are talking about it ..
2) as usual, amateur traders have FOMO (fear of missing out) syndrome .. so, by hook or crook must buy at next retracement
3) and we very panlai doing the top down approach, check weekly and daily confirm still UPTREND .. hoorayyyy !! then we go down to our trading timeframe (ttf) say 60min chart and mark all the important support and resistance based on higher timeframe (htf) .. and BINGO there is a pullback :)
4) okay let's check for setup :- a) retraced to fibo 38% level and at a very strong demand area (support) b) there is positive divergence on momentum indicator c) price is still above mid-line of bollinger band d) a reversal candlestick ie hammer showing face ** confluence of factors poiting to a fab setup
5) so again very panlai, plan our trade on our ttf ie 60min chart :- a) enter at opening of next candle after the hammer b) stop loss one bid below the low of hammer c) exit at supply area (resistance) say 6 bids profit d) risk reward ratio 1:6 ** told u i am the most panlai trader :)
6) enter the trade and price goes up 3 bids .. aiyoyo can't deny i am panlai ! ok ok let's go for a cuppa first :)
7) come back from coffee break price dipping .. almost reaching the low of the hammer .. what the ??? can't be like this !!! ok ok don't panic let me check the htf chart one more time and go to forums to ask all the sifus' opinions
8) all these start to cloud our judgement :- a) experts in forums say - u sell i buy ... no worries shaking out weak holders only .. drop more i buy more b) FA sifus - good FA counter why u worry c) PA sifus - u see ah based on the buy and sell q, the sharks will play up the counter later .. they try to manipulate the chart only stupid d) TA sifus (the position traders who may hold for weeks / months) - long term uptrend line still intact
9) oh maybe i shud not stop loss a bid below the hammer cuz everybody is still so bullish .. they are sifu they can't be wrong .. i think i will move my stop lower based on the daily chart now .. giving counter 'apanama' more room to move UP !! that's it i make a wise decision
10) needless to say, price dips to 50F ... then 68F ... then 78F on our ttf .. AND we start to panic like hell ! no choice already have to cut :( huhuhuhu
11) the lesson here is if we plan our trades based on 60min chart, we MUST stick to it no matter who says what. we can't move to a higher time frame chart trying to JUSTIFY our losing trades and start re-assessing the bigger picture(news, catalyst, another support area etc etc) again .. yes long term is still UPTREND but we are not the daily / weekly / monthly trader .. we are the 60min chart trader !!!
12) yes maybe one or twice we are lucky and we get away without losing ... but think about it !!
Ah Conn.. Mana satu itu apanama counter? Must be great stock why never invite us?
Look at ur sharing u must be super master that counter and trade many rounds from it... Mana satu? Cannot be Airasia rite? Got good counter never invite ...got ichiban strategy make firm money also never invite... Make me saliva only... Huhuhuhu
duit .. i just want to share the above scenario cuz it happened to me many times :(:(:( this is the tip i read from the pro trader ...
Doing a multiple time frame analysis while you are in a trade can be a real challenge because of the trade-attachment. Once in a trade, the supposedly objective performance then turns into justifying your trade. Especially when you are in a losing trade, you have to be very aware of how you are doing your analysis; avoid justifying a (losing) trade based on the “bigger-picture” market view.
duit .. i don't know how to play indices !! too many factors to consider ... omesti yes but i did not enter tadmax :(:(
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Posted by Christine Goh > 2014-03-11 21:40 | Report Abuse
Dear frens and forummers, i set up CHRISSYCONN to share our trading and investing ideas. We shall start afresh in this new place WE proudly call HOME . It is our dream to become a Successful Trader as well as a Super Investor. To make our dream comes true, we embrace TA, FA and a business mentality. Yes, we will be stressful pursuing our dream .... so ps feel free to share your humour with us so long as IT IS not offensive to anyone in this HOME. Lastly, we would like to remind everyone to trade / invest at own risk should u choose to buy our stock pick . FOR CHARTS, PLS VIEW OUR BLOG http://chrissyconn.blogspot.com/